Posted on: 14th Jun, 2010 10:08 am
Lasy year when my 1st was about to roll over from an interest only loan and my home's value dropped from $450 to $120 I tried to renegotiate with my 1st and 2nd which is with B of A. After filling out tons of hardship stuff, my first said they couldn't give me a break and my 2nd determined that my debt ratio was too high to make a loan modificaton worth while so apparently they sent me to collection company.
This collection company and I have been discussing possible 10cents on the dollar to pay the $60,000 that I owe. However, they want paystubs and income tax returns and I can't help but wonder how that will convince B of A to settle. I told them that I needed a week or so to get the money and that I was unable to do anything before that. They only started calling last week and I informed them that inbetween that time my mother passed away and that I was handling all the arrangements and that I simply couldn't act until next week. He said that the deal was off the table unless I sent him a fax today with pay stubs, etc. I told him that if he couldn't wait 1 week then our conversation was over.
My question is this..Can a debt collector require you to submit paystubs or income tax returns to determine if you are in fact unable to pay? It seems to me that a paystub alone doesn't tell any story...Furthermore, do they always claim to be able to offer deals for only a 72 hour period..What are my options now? I am still current with my first for now...
This collection company and I have been discussing possible 10cents on the dollar to pay the $60,000 that I owe. However, they want paystubs and income tax returns and I can't help but wonder how that will convince B of A to settle. I told them that I needed a week or so to get the money and that I was unable to do anything before that. They only started calling last week and I informed them that inbetween that time my mother passed away and that I was handling all the arrangements and that I simply couldn't act until next week. He said that the deal was off the table unless I sent him a fax today with pay stubs, etc. I told him that if he couldn't wait 1 week then our conversation was over.
My question is this..Can a debt collector require you to submit paystubs or income tax returns to determine if you are in fact unable to pay? It seems to me that a paystub alone doesn't tell any story...Furthermore, do they always claim to be able to offer deals for only a 72 hour period..What are my options now? I am still current with my first for now...
Hi evaughn,
As far as I know, the collection agency can ask you for your pay stubs. It will help them in judging your situation and may be they can give you a better payment plan to pay off the dues. You can negotiate with your debt collector so that he agrees to give you 72 hours time to send the pay stubs.
Thanks,
Jerry
As far as I know, the collection agency can ask you for your pay stubs. It will help them in judging your situation and may be they can give you a better payment plan to pay off the dues. You can negotiate with your debt collector so that he agrees to give you 72 hours time to send the pay stubs.
Thanks,
Jerry